Verhelst Immo: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Verhelst Immo
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7.6m
2024 · -€145,229+€7.7m
Equity
€9.4m
2024 · €1.8m+€7.6m
Cash
€139,113
2024 · €3.4m-€3.3m
Balance sheet total
€20.3m
2024 · €57.9m-€37.6m
Largest movements
Assets
- Receivables within one year -€25.5m
down €25.5m (-89.6%), from €28.5m to €3.0m
of which Other amounts receivable: -€25.5m
- Financial fixed assets -€8.6m
down €8.6m (-42.9%), from €20.1m to €11.5m
of which Affiliated companies: -€8.6m
- Cash -€3.3m
down €3.3m (-95.9%), from €3.4m to €139,113
mainly Other debts (-€43.2m) and Trade debts (-€1.8m)
Equity and liabilities
- Other debts -€43.2m
down €43.2m (-82.1%), from €52.6m to €9.4m
- Reserves +€7.6m
up €7.6m (+1,567%), from €482,430 to €8.0m
of which Distributable reserves: +€7.6m
- Trade debts -€1.8m
down €1.8m (-64.3%), from €2.8m to €1.0m
Income statement
- Financial charges -€897,932
down €897,932 (-49.1%), from €1.8m to €931,265
- Other operating income -€498,032
down €498,032 (-24.2%), from €2.1m to €1.6m
- Services and other goods -€331,519
down €331,519 (-15.7%), from €2.1m to €1.8m
- Taxes -€308,101
down €308,101 (-95.8%), from €321,611 to €13,510
- Financial income -€222,014
down €222,014 (-42.3%), from €525,390 to €303,375
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€145,229
Turnover
+€4,321
Other operating income
-€498,032
Services and other goods
+€331,519
Depreciation
+€11,193
Other operating charges
-€59,773
Other operating items
+€7.5m
Financial income
-€222,014
Financial charges
+€897,932
Taxes
+€308,101
Deferred taxes and other
-€590,918
Result 2025
€7.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€11.7m
Investment
+€8.6m
Financing
-€193,333
Cash 2024
€3.4m
From operations (derived)
-€11.7m
Net result for the year
+€7.6m
Depreciation
+€174,772
Receivables within one year
+€25.5m
Smaller working-capital items
+€43,649
Trade debts
-€1.8m
Other debts
-€43.2m
Investment (derived)
+€8.6m
Investment in fixed assets (net)
+€8.6m
Financing
-€193,333
Debts after one year
-€135,833
Current portion of long-term debt
-€57,500
Cash 2025
€139,113
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,879,117 | €20,286,241 | -€37.6m | -65.0% |
| Fixed assets | 21/28 | €25,970,799 | €17,179,733 | -€8.8m | -33.8% |
| Intangible fixed assets | 21 | €2,225 | - | -€2,225 | |
| Tangible fixed assets | 22/27 | €5,824,512 | €5,674,014 | -€150,498 | -2.6% |
| Land and buildings | 22 | €5,716,270 | €5,633,812 | -€82,458 | -1.4% |
| Furniture and vehicles | 24 | €108,242 | €40,202 | -€68,040 | -62.9% |
| Financial fixed assets | 28 | €20,144,062 | €11,505,719 | -€8.6m | -42.9% |
| Affiliated companies | 280/1 | €20,137,930 | €11,499,587 | -€8.6m | -42.9% |
| Participating interests | 280 | €10,137,930 | €11,499,587 | +€1.4m | +13.4% |
| Amounts receivable | 281 | €10,000,000 | - | -€10.0m | |
| Companies linked by participating interests | 282/3 | €6,080 | €6,080 | = | 0.0% |
| Participating interests | 282 | €6,080 | €6,080 | = | 0.0% |
| Other financial fixed assets | 284/8 | €52 | €52 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €31,908,318 | €3,106,508 | -€28.8m | -90.3% |
| Amounts receivable after more than one year | 29 | €2 | €2 | = | 0.0% |
| Other amounts receivable | 291 | €2 | €2 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,488,074 | €2,967,392 | -€25.5m | -89.6% |
| Trade receivables | 40 | €2,200,446 | €2,198,813 | -€1,633 | -0.1% |
| Other amounts receivable | 41 | €26,287,628 | €768,579 | -€25.5m | -97.1% |
| Cash at bank and in hand | 54/58 | €3,414,961 | €139,113 | -€3.3m | -95.9% |
| Deferred charges and accrued income | 490/1 | €5,281 | - | -€5,281 | |
| Total equity and liabilities | 10/49 | €57,879,117 | €20,286,241 | -€37.6m | -65.0% |
| Equity | 10/15 | €1,808,119 | €9,369,228 | +€7.6m | +418% |
| Contributions | 10/11 | €1,325,689 | €1,325,689 | = | 0.0% |
| Capital | 10 | €1,325,689 | €1,325,689 | = | 0.0% |
| Issued capital | 100 | €1,325,689 | €1,325,689 | = | 0.0% |
| Reserves | 13 | €482,430 | €8,043,539 | +€7.6m | +1,567% |
| Non-distributable reserves | 130/1 | €132,569 | €132,569 | = | 0.0% |
| Legal reserve | 130 | €132,569 | €132,569 | = | 0.0% |
| Distributable reserves | 133 | €349,861 | €7,910,970 | +€7.6m | +2,161% |
| Amounts payable | 17/49 | €56,070,998 | €10,917,013 | -€45.2m | -80.5% |
| Amounts payable after more than one year | 17 | €285,972 | €150,139 | -€135,833 | -47.5% |
| Financial debts | 170/4 | €285,972 | €150,139 | -€135,833 | -47.5% |
| Credit institutions | 173 | €285,972 | €150,139 | -€135,833 | -47.5% |
| Amounts payable within one year | 42/48 | €55,785,026 | €10,766,485 | -€45.0m | -80.7% |
| Current portion of amounts payable after more than one year | 42 | €193,333 | €135,833 | -€57,500 | -29.7% |
| Trade debts | 44 | €2,816,642 | €1,006,896 | -€1.8m | -64.3% |
| Suppliers | 440/4 | €2,816,642 | €1,006,896 | -€1.8m | -64.3% |
| Taxes, remuneration and social security | 45 | €169,058 | €207,035 | +€37,978 | +22.5% |
| Taxes | 450/3 | €169,058 | €207,035 | +€37,978 | +22.5% |
| Other amounts payable | 47/48 | €52,605,994 | €9,416,721 | -€43.2m | -82.1% |
| Accrued charges and deferred income | 492/3 | - | €390 | +€390 | |
| Operating income | 70/76A | €3,332,407 | €10,362,695 | +€7.0m | +211% |
| Turnover | 70 | €1,272,437 | €1,276,757 | +€4,321 | +0.3% |
| Other operating income | 74 | €2,059,970 | €1,561,938 | -€498,032 | -24.2% |
| Non-recurring operating income | 76A | - | €7,524,000 | +€7.5m | |
| Operating charges | 60/66A | €2,443,135 | €2,160,186 | -€282,949 | -11.6% |
| Services and other goods | 61 | €2,110,456 | €1,778,937 | -€331,519 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,964 | €174,772 | -€11,193 | -6.0% |
| Other operating charges | 640/8 | €146,704 | €206,477 | +€59,773 | +40.7% |
| Non-recurring operating charges | 66A | €10 | - | -€10 | |
| Operating profit (loss) | 9901 | €889,272 | €8,202,509 | +€7.3m | +822% |
| Financial income | 75/76B | €525,390 | €303,375 | -€222,014 | -42.3% |
| Recurring financial income | 75 | €525,390 | €303,375 | -€222,014 | -42.3% |
| Income from current assets | 751 | €525,390 | €303,375 | -€222,014 | -42.3% |
| Financial charges | 65/66B | €1,829,197 | €931,265 | -€897,932 | -49.1% |
| Recurring financial charges | 65 | €1,829,197 | €931,265 | -€897,932 | -49.1% |
| Debt charges | 650 | €1,819,457 | €925,425 | -€894,032 | -49.1% |
| Other financial charges | 652/9 | €9,740 | €5,840 | -€3,900 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | -€414,536 | €7,574,619 | +€8.0m | |
| Transfer from deferred taxes | 780 | €590,918 | - | -€590,918 | |
| Income taxes | 67/77 | €321,611 | €13,510 | -€308,101 | -95.8% |
| Taxes | 670/3 | €321,611 | €13,510 | -€308,101 | -95.8% |
| Profit (loss) for the period | 9904 | -€145,229 | €7,561,109 | +€7.7m | |
| Transfer from tax-exempt reserves | 789 | €1,156,219 | - | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,010,990 | €7,561,109 | +€6.6m | +648% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.